Audioboom Grp. Regulatory News (BOOM)

11 Nov 2008 11:42



For immediate release 11 November 2008

The Off-plan Fund Limited

Board Change

AIM rule 17 disclosure

The Board of The Off-plan Fund Limited (the "Fund") announces that Joni Cline has informed the Board that she is resigning as a director in order to make herself available to pursue other opportunities. Ms Cline has acted as the Board representative nominated by Concensus Business Group ("CBG") since December 2007. CBG was offered the opportunity to nominate a director to the Fund's board in April 2007 in connection with its role as investment adviser to Elsina Limited ("Elsina"). Elsina is ultimately owned by Investec Trust (Guernsey) Limited, as trustees for the Tchenguiz Family Trust. As far as the Company is aware, Elsina is interested in 20.25% of the Fund's share capital. CBG has indicated that it does not wish to appoint a replacement.

In addition the Board announces, pursuant to Rule 17 and Schedule 2 paragraph (g) of the AIM Rules, that Graham Berry (Chairman and director of the Fund) has informed the Board that Keren Homes Birmingham Limited, a property development company of which he is a director, has recently been placed in administration by Bank of Ireland, its main lending bank on a development project in Birmingham. KPMG are acting as administrators. Mr Berry has the continued support of his fellow directors who welcome his valued contribution to all Board matters. 

Contacts

Development Capital Management 

Roger Hornett

Andrew Gardiner

020 7355 7600

Numis Securities

Nick Westlake (Nomad)

Charles Farquhar

020 7776 1500